Dothan is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Dothan are considered greater risk due to market dynamics. Interest rates for multifamily loans in Dothan are higher than the national average. Dothan apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Dothan.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Dothan are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.23% - 7.47% |
| 7 Year Fixed | 6.92% - 7.16% |
| 10 Year Fixed | 6.83% - 7.07% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Dothan.
The city of Dothan in Houston County has a population of 68,941. The median rent in Houston County for a 2 bedroom is $753. The median Dothan resident is 40 years old with a yearly income of $25,581. The average family has 3.26 members and a median household income of $47,081. Dothan has a 26% higher education rate. The unemployment rate in Dothan is 7.2%.
40.8% of Dothan households are renters.
31% median household income spent on rent.
Bedrooms |
Houston County 1 |
Alabama 2 |
National 2 |
|---|---|---|---|
| Studio | $579 | $580 | $737 |
| 1 bedroom | $583 | $626 | $813 |
| 2 bedroom | $753 | $767 | $1,015 |
| 3 bedroom | $985 | $1,004 | $1,325 |
| 4 bedroom | $1,128 | $1,157 | $1,521 |
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